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AccuIndex Review - is it scam or safe?

AccuIndex review - Is accuindex.com scam or good forex broker?

RATING: 1.9 / 0 REVIEWS AccuIndex
AccuIndex is an offshore broker. Your money is not safe.

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AccuIndex is an offshore forex and CFD broker offering two account types with a leverage of up to 1:400 and the MetaTrader5 platform. They say to have offices in Dubai and London, but are registered and authorized in Vanuatu, which does not impress us much. In the following paragraphs you can find more about AccuIndex trading conditions and their regulatory status, which we will discuss in detail.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:400 3,5 pips
ECN Account $5000 1:400 n/a

 

AccuIndex advantages:

 

Fine collection of trading instruments

 

When we tested AccuIndex trading platform with a demo account we counted 31 major forex pairs and a handful of CFDs on indices, gold, silver, natural gas and oil. Still, as there were no crypto assets available, here you may check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:400

 

Higher leverage has always attracted traders despite of the risks associated with it. Still, you should always remember to use it with caution, especially if you have traded for less than a couple of years. 

 

And besides since regulators throughout Europe and other markets like the USA, Japan and Canada caped the maximum leverage allowed with forex transactions, Australia remains the only regulatory hub, where higher leverage is still allowed. Here you may also check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

MetaTrader5 supported

 

MetaTrader5 is a versatile and extremely reliable trading platform, which along with Metatrader4 is the most widely used trading solution on the market. Among its many advantages we may point out the advanced charting tools, the numerous market indicators and the customizable trading bots, with which one can easily run automated trading sessions. Besides, here you may also check our list of brokers offering MetaTrader5:

 

>>MT5 brokers<

 

Acceptable minimum deposit requirement

 

AccuIndex allows you to start trading with a minimum deposit of 250 USD and that is fine. Most other brokers have the same minimum deposit requirement, and yet take a note that some well established companies such as FBS and IG do not have a minimum deposit requirement at all.

 

Popular e-wallets accepted as payment methods

 

AccuIndex accepts payments with major cards like VISA and MasterCard, bank wire and e-wallets like Neteller and Skrill. However, we do not see the option to pay with bitcoins, so here you may check our list of brokers, accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

AccuIndex Disadvantages:

 

Inadequate regulation

 

AccuIndex  is owned and operated by ACCUINDEX LTD, an offshore company registered in Vanuatu -  a small atoll in the South Pacific. And they say to be holding a license by the Financial Services Commission (VFSC) in Vanuatu, but as we already noted, that does not impress us much. 

 

Honesty, the Vanuatu Commission simply does not have the resources and the capacity to regulate internationally operating brokers and their requirements simply can not be compared to the strict regulatory regimes in Europe, the United States, Japan, Canada or Australia.

 

Fore example, all brokers regulated in the European Union should keep their clients money in a segregated from their own, protected form creditors, trust account, should file regular reports and allow external audits, should maintain at all times a minimum operational capital of at least 730 000 EUR, and should provide traders with a negative balance protection.

 

On top of that EU regulated brokers are obliged to participate in client compensation funds, which basically insure your trading capital for at least 20 000 EUR.

 

And although AccuIndex says to have offices in London and Dubai, basically their operations on strictly regulated markets like the UK and the rest of the EU are totally illegal, because any financial company targeting UK or EU citizens should be authorized by either the Financial Conduct Authority (FCA) in the UK or another EU financial watchdog such as the Cyprus Securities and Exchange Commission (CySEC).

 

Besides, the insurance you will get with a FCA broker will cover 50 000 GBP of your funds so here you may also check our list of brokers officially licensed in the UK:

 

>>FCA Regulated Forex Brokers<<

 

High spreads

 

Although  AccuIndex boosts with spreads starting as low as 1 pip, when we tested their trading platform with a demo account the benchmark EURUSD spread was floating about 1,5 pips and when we executed a trade it turned out the broker is charging a one side trade fee of 10 USD per standard lot (20 USD for a round turn), which in practice adds another 2 pips to the actual spread. So basically we are talking about spreads starting at 3,5 pips, which is simply unacceptable. 

 

Generally spreads are considered attractive with a standard account, only if they start below 1,5 pips and there is no trading commission. Besides, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Accountability issues

 

Going through AccuIndex Terms and Conditions we came across a rather unusual statement regarding the way they plan to handle your money and the extend to which they will be accountable if anything happens. See for your selves: 

 

 

Conclusion:

 

Although  AccuIndex claims to be regulated, we can not credit them with the same acknowledgement  as the brokers regulated by respectable institutions such as the FCA in the UK, CySEC in Cyprus or the Australian Securities and Investments Commission (ASIC). Also we have questions about the way they handle clients funds, and besides the actual spreads as offered by the broker are far form attractive.

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Traders` reviews for AccuIndex

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